Court accepts Everbright GM's case against watchdog

Beijing First Intermediate People's Court accepted and registered on Tuesday a case in which Yang Jianbo, former general manager of the strategy department of Everbright Securities Co Ltd, filed a suit against the Chinese securities watchdog.

The court agreed to accept the lawsuit filed against the China Securities Regulatory Commission by Yang, former head of a trading unit at the Chinese brokerage, who is contesting the punishment he received for alleged insider trading.

Yang and three colleagues were banned for life from the securities industry and fined 600,000 yuan ($99,000) each by the commission in August after an investigation determined they had committed insider trading.